Crude prices immediately jumped around $2 per barrel, while the stock prices of shale oil drillers shot up. Shares of Diamondback, Pioneer Natural Resources and Devon Energy, three of America’s top shale companies, all rose around 10%. But then came a 40% crude price crash in late 2018, and, now, a 50% price crash since mid-January. In comments to the Washington Post earlier this week, Pioneer Natural Resources CEO Scott Sheffield said that his firm had a “great” balance sheet. And in his comments to the Post, Sheffield said Pioneer Natural Resources would “make the necessary adjustments.”Sheffield himself is proof of those preparations.

Source: Forbes March 14, 2020 02:48 UTC